Today, Seaborne Iron ore market rose by USD 1/MT and stands at around USD 133-134/MT CFR China.

Mills again started and are continuing to restock, considering the Iron ore are at affordable price after it dropped to around USD 130 CFR China. China’s Central bank’s repo strengthened the Sea borne Iron ore market by helping their Steel Mills overcome tight cash problem.

Spot prices for Fe 61.5 PB fines stand at around RMB 880/WMT at Qingdao Port and foreign quotes are at USD 133/DMT CFR China, up by USD 1/MT. Currently, Square Billet prices stand at around RMB 2,960/MT (EXW; VAT included) in Tangshan. The most traded rebar contract for May delivery opens at RMB 3,612/MT, up by RMB 8/MT from Friday’s close.

China based traders sold Iron ore at following prices at Shandong port:

USD 1 = RMB 6.1024

India

Supreme Court has permitted Sesa Sterlite Limited (earlier Sesa Goa Limited) to restart mining operations at its Karnataka mines by permitting to utilize 40% of installed capacity and produce 2.4 MnT pa Iron ore. The material is allowed to be sold only through e-auctions, after approval of company’s changed name.